Oil futures rose today following Saudi Arabia’s decision to raise June crude prices for most regions. Additionally, concerns over the slim prospect of a Gaza ceasefire deal renewed fears that the Israel-Hamas conflict could escalate, heightening tensions in the key oil-producing region.

The Brent Crude Oil futures were up by 0.84 per cent to trade at 83 dollars and 66 cents, whereas Western Texas Intermediate was higher by 1.02 per cent at 78 dollars and 91 cents when reports last came in.